The term "bitcoin" is not so popular in the Philippines, but over the years, it is gaining both popularity and notoriety. There are many concerns about its validity, veracity, and even its source. Some people may think that Bitcoin is a scam but it's not; in fact, it's just similar to a commodity being bought and sold, depending on the price in the market. Think of it as a 'virtual item' that may be sold and bought.
With the advent of local payment gateways accepting Bitcoins, such as Coins.ph, more and more Filipinos are seeing Bitcoins as a great alternative to using banks and credit cards in online transactions. In addition, because of the number of Internet users in the Philippines, it is not entirely surprising that Filipinos are now jumping into 'investing' and 'mining' bitcoins.
But the first thing that most people ask is this: how exactly do you get bitcoins?
There are actually a few ways of getting bitcoins, but after the break, we'll be discussing some of the more popular ways to help you get started in getting your bitcoins.
- Bitcoin Mining
Perhaps one of the most common ways of obtaining Bitcoins is by bitcoin mining. This is the traditional way of mining for bitcoins, since the currency is based on mathematical problems being solved by computers. No single institution holds bitcoins, therefore it is decentralized. This means that nobody dictates its cost, its price, how much would be transferred or 'computed', etc.
Bitcoin mining is a bit difficult for most people, especially since 'decoding' a part of a block, that would amount a single bitcoin, takes a LOT of time. How long it would take to mine a bitcoin, you may ask? Well, it may take up to 435 years for a typical computer, running at 24/7, to mine an amount of a single BTC. Yes, it may sound crazy, but that is true.
What most people do is to mine in pools. By joining pools, you get to 'share' the computing power of various people to decode blocks. After which, the BTC is distributed to the miners. This is the most effective way of mining for BTCs. For clueless miners, you may actually opt to try virtual bitcoin mining games to get the hang of it. And while you're at it, you can actually earn bitcoins
- Bitcoin Faucets
Bitcoin faucets are websites that give out free bitcoins in exchange for doing tasks, such as clicking on ads or visiting websites. They are fairly simple, and all it takes are a few seconds to earn bitcoins. Most of these websites have 'cooldown' periods, which means that you cannot click and earn within a particular period of time. Most cooldown periods range from 5 minutes to an hour, depending on the amount of Bitcoin that you earn. Although payouts are generally in Satoshis (0.00000001 BTC), stacking them up can earn you anywhere are 200,000 Satoshis a day, equivalent to almost $1. And the amount would still highly depend on the current BTC market.
Do take note that before earning bitcoins, you would need to have a Bitcoin wallet. This is similar to a Paypal account, but this unique ID is usable in every Bitcoin faucet that you would see. Coins.ph is a great Bitcoin wallet which not just holds your BTCs, but also allows you to pay for bills, like Meralco, Manila Water, etc. Also, it allows you to buy load for everyone, such as Globe and Smart.
Here are some great Bitcoin faucets that you can utilize.
- Bitcoin Zebra - Bitcoin faucet that resets for 1 hour and earns around 1000 Satoshis per click
- Bitcoin Aliens - Bitcoin faucet based on random aliens, and one of the highest paying faucets
- Satoshi City
- Satoshi Country
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